Following a week of supply concerns and inventory anxiety, crude prices have slipped notably lower, more potentially bearish news just hit with Baker Hughes reporting the oil rig count rose 2 to 416 - up for the 12th week in a row. This is the highest in 7 months and tracks the lagged oil price perfectly...

• *U.S. OIL RIG COUNT UP 2 TO 416 , BAKER HUGHES SAYS
• *U.S. GAS RIG COUNT DOWN 3 TO 89 , BAKER HUGHES SAYS

The reaction in crude is negligible for now...